How does a depositor establish an insurance claim?

Prior to any payment being made, every depositor will be required to provide original evidence of deposit ownership, such as a passbook, certificate of deposit, or the last statement (with paid cheques if applicable), and fill out an official claim form. DIC officials can assist with the filing of claims. …

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Who should file a claim if more than one person is authorised to draw on an account?

A claim must be filed by a person authorised to make withdrawals from the account. For example, a claim for deposit insurance on an account where either of two parties was authorised to sign for withdrawals may be made by either party. If two signatures were required to make withdrawals, …

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Must a claim be filed in person?

No. Those who are unable to attend in person may file claims by mail. Correspondence should be forwarded to the DIC using our official contact information.  

When must a depositor file a claim?

A depositor must file a claim for insurance on the official claim form within 12 months from the date of closure of the financial institution. Official claim forms are available from the DIC. It is advisable that claims be filed as soon as possible after the announcement of closure. Claims …

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What is the current insured limit?

The insured limit is a maximum of $125,000 for each depositor in respect of deposits held in each insured institution in each right and capacity.  

Does deposit insurance protect the interests of creditors other than depositors of a failed institution?

No. Deposit insurance protects only depositors.  

Are foreign deposits insured?

No. Only deposits held in Trinidad and Tobago and payable in Trinidad and Tobago dollars are insured.  

Which institutions depositors are insured by the DIC?

The DIC is obliged by law to insure depositors in all institutions licensed to operate under the Financial Institutions Act, 2008 (See member institutions)  

When is deposit insurance payable?

Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.